By Laura Lutz
Des Moines, Aug. 21 - Voiceserve, Inc. secured a $10 million stock purchase agreement with Dutchess Private Equities Fund, Ltd., according to an 8-K filing with the Securities and Exchange Commission.
Under the three-year agreement, Voiceserve may request purchases in the amount of either $250,000 or the product of the average daily volume of the company's stock for the 10 trading days prior to the applicable put notice, the closing prices for the three prior trading days and 200%.
The price per share will be equal to 93% of the lowest closing best bid price of the company's stock during the five trading days after the put notice date.
Voiceserve may withdraw the portion of each put that is below 75% of the lowest closing bid prices for the 10 trading days immediately before the put notice.
Voiceserve is a voice-over-internet protocol company based in Edgware, England.
| Issuer: | Voiceserve, Inc.
|
| Issue: | Stock purchase agreement
|
| Amount: | $10 million
|
| Tenor: | Three years
|
| Price: | 93% of the lowest closing best bid price during the five trading days after the put notice date
|
| Warrants: | No
|
| Investor: | Dutchess Private Equities Fund, Ltd.
|
| Settlement date: | Aug. 20
|
| Stock symbol: | OTCBB: VSRV
|
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